Periodic Reporting for period 1 - KEEP-IT-UP (KEEP-IT-UP: Redefining shelf life monitoring in the global food industry with a new intelligent Time-Temperature Indicator for perishable products)
Reporting period: 2018-03-01 to 2018-06-30
Nearly one third of the food produced for human consumption is wasted globally every year, 87% of which is still edible. Food loss and waste have significant impact on food security, economic and environment. Edible food is disposed mainly due to lack of accurate identification and poor cold chain tracking. Time Temperature Indicators (TTIs) can solve the two issues by recording the accumulated time-temperature history of a product and providing this information to consumers on the food they are buying or while it is stored at home. However, this technology is not yet available for mainstream use because current market solutions are either not calibrated for food (due to stringent regulations or high production costs) or the information is not reliable to be shown in a quantitative way. The objectives of the project are optimizing indicators with greater accuracy, greater flexibility and lower costs based on an improved process and technology from production to activation and application of the indicator onto new products in new and expanded markets.
Our Feasibility Study has guaranteed the viability of the project: 1) In the technical plan, we defined the strategy to optimize and industrialize Keep-itUp according to a detailed work plan with cost analysis for Phase 2 and a complete evaluation of technical risks. 2) Our commercial plan and a Freedom to Operate Analysis show that Keep-itUp is freely exploitable. We have assessed the existing and new-targeted markets, our target segments, sizing of our addressable markets, competitor’s analysis, commercial risk analysis, and regulatory environment to consolidate our marketing strategy. We have also built our business, revenue models as well as the value chain. 3) We have prepared a financial plan, in which we conclude that Keep-itUp will allow us to generate €14.2M net profit with a ROI of 5.44 in 2024.
Keep-itUp will be a new solution for better food indicating by: 1) optimization of the current indicator by cost reduction, increased accuracy, and customization; 2) optimization of application technology by applicator upgrade and customization; 3) production upscaling by error reduction and increased production capacity. The Keep-itUp project responds to two pressing needs: reducing food waste (an EU and global priority) and the quality assurance of food, as it prevents the spread of foodborne illness since the consumer can be aware of a product spoiled earlier than expected if the temperature is wrong.